Billings, MT 59105
Colorado Springs, Colorado
1826 E. Platte, Suite 203
Colorado Springs, CO 80909
All About Payday Loans
In todayís economy, it is no longer unusual to find folks that have been hit hard by the global recession. In the US alone, a majority of families have felt the unwanted effects of the financial crisis which has caused them to resort to all sorts of schemes to find that much needed source of income. However, there are just some circumstances wherein even a second job just isnít enough to cover all of the monthly expenses of the entire family. In times like these, a lot of individuals turn to payday loans.
Also known as cash advance or paycheck advance, these loans can definitely be a lifesaver for families that are in need of quick cash. The best part of this type of loan is that borrowers do not have to wait for weeks before they receive the money they borrow. Cash advance loans are much faster. In fact, there are even some lenders that offer one-hour cash advance loans for those dire financial emergencies.
Another important aspect of payday loans is that their requirements are much more lenient when compared to typical bank loans. Usually, a cash advance lender will only require a couple of things which may include the following:
That the borrower is of legal age (above 18)
That the borrower has a constant source of income (a stable job)
That the borrower has a bank account (this is usually where the money is wired to)
These are just some of the requirements of most cash advance providers. Some may have additional requirements but these are the most basic prerequisites for interested borrowers. The fact is, if one satisfies all three categories then the chances of getting approved for the cash advance loan are at around 95%.
However, the biggest drawback of cash advance loans is that they come with unusually high interest rates. While banks and other financial institutions stick to the industry standard that is at around 10 percent per year, cash advance providers triple these rates. This means that at 30 percent interest, a borrower will have to pay an additional $300 in interest if he were to take a 1000-dollar cash advance.
Nonetheless, thousands of Americans still take out payday loans simply because they are quick, painless, and outright convenient. For those in urgent financial emergencies, there may be no better alternative than to apply for a cash advance. GP